SP500 Bearish Correction
A few days ago I made the preditction that the SP500 was likely to bounce from the lower trend line towards the uper trend line. Suprisingly that prediction came true within 2 days.
Now I see a new reversal on the horizon. The SP500 has hit its upper trend line and is falling again. The fact that the RSI was majorly overbought makes the reversal even more likely.
Before entering the trade, wait for confirmation. I chose the 3450 area for this, but you are free to chose which area you deem important to break. The marked Target area would be a great place to exit your position since it's at the lower trend line, which has already been indicated as a strong area of support.
Now I see a new reversal on the horizon. The SP500 has hit its upper trend line and is falling again. The fact that the RSI was majorly overbought makes the reversal even more likely.
Before entering the trade, wait for confirmation. I chose the 3450 area for this, but you are free to chose which area you deem important to break. The marked Target area would be a great place to exit your position since it's at the lower trend line, which has already been indicated as a strong area of support.
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